Job Family
Treasury
Sector
Treasury
Term Duration
3 years 0 months
Recruitment Type
International Recruitment
Required Language(s)
English
The World Bank
The World Bank is one of the world’s largest sources of funding and knowledge for developing countries and works in more than 100 developing economies to improve living standards and fight poverty. For each client, the World Bank uses financial resources and extensive experience to help our client countries to reduce poverty, increase economic growth, and improve quality of life. There are five World Bank Group institutions, each of which specializes in different aspects of development: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID).
The World Bank’s Twin Goals
The World Bank has twin goals of ending extreme poverty and promoting shared prosperity. Its capacity to fulfill these goals is underpinned by a Treasury Vice Presidency (“Treasury”) that is widely recognized across the global capital markets for its dynamic professionalism and its record of innovation in obtaining outperformance for its clients in all the Treasury’s functions.
The World Bank Treasury
Treasury is the Vice Presidency performing treasury functions for IBRD and for other members of the World Bank Group. Its activities are organized and grouped along three departments: (1) capital markets, investments & financial products, (2) asset management and advisory, and (3) treasury operations. Treasury has been a large and significant player in the international financial markets for more than 70 years and has achieved a global reputation as a prudent and innovative borrower, investor, and risk manager. Treasury is responsible for: (i) managing more than $185 billion in assets for the World Bank and other official-sector investors; (ii) leading the World Bank’s financing program in international and domestic bond and derivatives markets; (iii) conducting asset and liability management for IBRD and IDA’s balance sheets; (iv) overseeing the development and outreach related to the financing and hedging products that IBRD and IDA provide for their developing-country clients; and (v) collaborating with official sector institutions of member countries to help build their capacity in asset and public debt management.
Within Treasury, the Capital Markets, Investments & Financial Products department (CMI) is responsible for managing annual funding programs for IBRD (approx. $55-65 billion) and IDA (approx. $10-15 billion) and building sustainable capital markets, managing liquid asset portfolios for IBRD and IDA (approx. $115-125 Billion), and the asset and liability management aimed at reducing risk on IBRD and IDA’s balance sheets. CMI also advises clients on loans and risk management products, and structures financial products for development. CMI places a strong emphasis on achieving the best possible financial terms within prudent market, liquidity, credit, operational, and reputational risk parameters. CMI is comprised of six teams carrying out these responsibilities. The working environment is fast-paced and dynamic, as the teams regularly deal with new ideas, projects, and challenges.
CMIIL - Investment management and Liquidity operations: This team manages funds raised for lending activities of IBRD and IDA, by investing the funds in high-grade assets. The main objectives are principal protection and ensuring sufficient cash flow to meet IBRD’s and IDA’s financial commitments. The team also seeks a reasonable return to contribute to net income
CMIDO - Debt Origination: This team is responsible for raising long and short-term funding in the global capital markets for both IBRD and IDA. The goal is to achieve funding on a sustainable basis and at the best possible cost through a variety of programs, markets, currencies, and instruments including both plain vanilla and structured notes. The team execute yearly US$60 to US$80 bn of medium-term bonds and a total of approx. USD100 bn notional swaps to hedge all the issuances. The team also manages 2 short term funding programs (IBRD Discount Notes and IDA Bills) with about US$25 bn outstanding.
CMIIS - Investor Relations and Sustainable Finance: This team works to cultivate, maintain and strengthen investor, rating agency and financial media relationships for IBRD, IDA and IFFIm to help achieve CMI’s funding goals. The team focuses on specific outreach activities, and works closely with other teams in CMI, TRE and other VPUs to contribute to the World Bank’s development purpose and build sustainable capital markets, including by engaging with investors and market participants on environmental, social and governance (ESG) issues.
CMIAP - ALM and Policy: This team is responsible for analytics, monitoring, and policy formulations for activities that impact IBRD and IDA’s balance sheets. The team participates in formulation of policy, guideline, and processes that impact the financial risk and income of IBRD and IDA and works closely with the relevant teams, sets limits and monitors the pre-defined and agreed funding and investment activities. The team also oversees implementation and execution of capital markets activities to support IBRD and IDA’s balance sheet management and provides liquidity calculation and reporting and analysis for rating agencies.
CMIMS - Market Solutions and Structured Finance: This team designs and executes market-based risk management and structured transactions for external and internal clients and provides structuring expertise and advisory services to address development challenges.
CMIFP - Financial Products and Clients Solutions: This team helps clients find solutions for their development financing and risk management needs leveraging IBRD and IDA’s financial products and TRE’s financial expertise and market access. It provides support for IBRD and IDA operations and clients on the full menu of financial and risk management products, pricing and loan customization, blending and co-financing, IDA to IBRD transition, and thematic bond issuance strategies and reporting, among other areas.
Duties and Accountabilities:
The Senior Financial Officer will be a member of CMIDO Team with roles and responsibilities outlined below:
1. Lead the design and implementation of quantitative financial valuation models and tools to facilitate execution of new funding transactions for the Bank portfolios, including but not limited to, bonds and derivatives with embedded options in interest, FX, and/or equity index.
2. Work with relevant teams in the World Bank’s Finance & Accounting department for pre-trade model validation and post-trade verification of new models developed internally or externally in support of funding transactions, including selection of financial valuation model, identification of market data requirements, and preparation of required risk analyses and documentation to facilitate the validation and verification processes.
3. Engage, and collaborate with various internal units (Model validation, risk department and Operations) to secure new transaction approval, and address any issues with respect to valuation, collateral, and risk.
4. Perform, and deliver timely monthly valuations for complex liability transactions portfolio, and work with model validators to resolve any valuation issues related to financial reporting.
5. Participate in discussion with internal, and external auditors, and act as subject matter expert with respect to valuation models.
6. Act as the Business Solution Architect on the Treasury Systems, leading the design and development of business requirements, testing of deliverables, and production implementation for all IT system enhancements to support existing and new funding transactions.
7. Lead the Capital Markets Department efforts related to LIBOR transitions including but not limited to system reediness and sourcing market data, propose and review curves construction, validate valuation results. and act as a Business Solution Architect on the Treasury Systems covering front to back to risk.
8. Lead the development of market risk or credit risk analytics needed by the Capital Markets department to facilitate execution of funding or any balance sheet optimization analysis.
9. Work on the execution of buybacks and derivative transactions for the Bank’s liability portfolios.
10. Follow up on market development in the area of valuation and risk analytics and contribute to enhancement the Bank’s valuation and risk analytics platform when necessary.
11. Provide analytical support to other units of the Treasury for the design of the Bank’s financial solutions and financial services for clients.
12. Participate in cross-unit projects aimed at improving the valuation, and risk infrastructure of the Treasury. Represent CMI’s view, and priorities in internal discussions, communicate with external software vendors and service providers. Contribute to the software development and implementation lifecycle (business requirements definition, project planning, user acceptance testing).
13. Perform ad hoc quantitative analyses as request by senior management to support the Capital Markets business line, and Treasury strategic initiatives.
14. Provide quantitative, and analytical support to respond to client’s enquiries related to Capital Markets, and risk management products.
15. Provide training and guidance for Junior staff.
16. Any other duties as assigned.
Selection Criteria
1. Advanced degree preferably in finance, mathematics, physics or engineering.
2. 10+ years relevant work experience in risk & analytics, modelling, and/or financial platform implementation with focus on risk management and financial modeling.
3. Expertise in Murex and/or Numerix Cross Asset, Oneview and Template Studio is strongly preferred.
4. Strong theoretical and practical experience with derivative instruments.
5. Experience with capital markets, market conventions, and market data manipulations.
6. Proven quantitative and qualitative analytical skills in the area of valuing/pricing of complex structures; including in depth knowledge of econometric and financial modeling techniques, multi-factor Monte Carlo simulation techniques and option pricing methodologies.
7. Superb teamworking and communication skills.
8. Professional Certification in CFA, FRM, or PRM is a plus.
9. Familiarity with derivatives financial accounting standards (FAS133, FAS157, etc) is a plus.
10. Working experience with one or more of the following programming languages: VBA, Matlab, C and C++.
11. Original thinking and quick learning abilities with strong initiative and drive.
12. Highest ethical standards
Competencies
• Technical expertise: Broad and deep understanding of financial markets and financial instruments.
• Communication: Able to communicate in a constructive, concise, and professional manner. Able to contribute to unit’s knowledge sharing.
• Innovation: Applies critical thinking to current approaches, identifies areas for improvement, and tries new solutions that drive results. Considers own behavior in context of WBG’s values and mission and recognizes impact one has on others. Operates in ambiguity and changing needs and supports others to do the same.
• Sound judgment: Able to access situation and make sound judgment on action needed.
• Teamwork: Keeps others fully informed to ensure integration and work consistency and displays a sense of mutuality and respect. Approaches conflicts as common problems to be solved. Seeks and listens to input from others to inform own decision making and openly shares information. Frames thinking/actions with a WBG corporate perspective in mind.
• Drive for Results: Sets challenging goals that align with the WBG mission and is always looking to improve. Understands clients’ most pressing challenges and contributes to solutions. Takes personal responsibility for producing high quality work, identifying and informing of risks, and delivering results for clients.
